May certainly was a wet and kind of dreary month this year, wasn’t it? In spite of the awful weather, we still saw a rise in the average and median sales prices, if not the temperature.
This is largely due to the fact that our clear blue skies in March and April meant we had a lot of buyers out looking and writing offers to close in May. You can see in the charts below that May this year has beat out the last several years running.
Hopefully as our weather warms up and dries out, we’ll see the continued shortening of our average time on the market, but with some of the changes to lending coming down the pipeline, and the delay we’ve seen in appraisal timelines since the beginning of the year, it’s just as likely that these numbers will hold steady.
We’re still low on “inventory”, though we’re up a little from where we were the previous month. New listings, especially in the $200,000 – $300,000 range, are flying off the shelves and lots of buyers are looking to scale up or down accordingly. We’re looking at about 2-3 months of inventory, and with buyers in competing offer situations, it’s making it an ideal time to list and sell!
If you know anybody who is interested in buying or selling their home, let me know and I’ll be sure to take excellent care of them!